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HomeMy WebLinkAboutR-88-10430 RESOLUTION NO. A RESOLUTION OF THE CITY OF MIAMI, FLORIDA, IMPLEMENTING AND SUPPLEMENTING ORDINANCE NO. 10487 OF THE CITY, WHICH ORDINANCE AUTHORIZED THE SALE AND IS- SUANCE OF THE CITY OF MIAMI $3, 900, 000 STREET AND HIGHWAY IMPROVEMENT BONDS, $1,500,000 POLICE HEADQUARTERS AND CRIME PREVENTION FACILITIES BONDS, $5,000,000 STORM SEWER IMPROVEMENT BONDS, $5,000,000 SANITARY SEWER SYSTEM BONDS AND $3,000,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS; AWARDING THE SALE THEREOF BASED ON BIDS SUBMITTED AT PUBLIC SALE, AND APPROVING THE TERMS OF SUCH SALE; ESTABLISHING THE INTEREST RATES FOR SUCH BONDS; MAKING CERTAIN FINDINGS, REPRESENTATIONS AND COVENANTS WITH RESPECT THERETO; PROVIDING AN EFFEC- TIVE DATE FOR THIS RESOLUTION; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO. WHEREAS, The City of Miami, Florida (the "City") previously enacted Ordinance No. 10487 on October 6, 1988 (the "Ordinance"), authorizing the issuance and sale in one or more series of its $18,400,000 General Obligation Bonds, consisting of its $3,900,000 Street and Highway Improvement Bonds, its $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, its $5,000,000 Storm Sewer Improvement Bonds, its $5,000,000 Sanitary Sewer System Bonds, and its $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (collectively, the "Bonds"); and WHEREAS, the Notice of Sale with respect to the Bonds, a copy of which is attached hereto as Exhibit "A" and made a part hereof was published in THE BOND BUYER, New York, New York, on October 20, 1988, and in THE MIAMI REVIEW, Miami, Florida, on October 20, 1988, and the Notice of Sale, including the Official Bid Form, were provided by the Issuer or Raymond James & Associates and Howard Gary & Company, the Issuer`s financial advisor, to all parties ex- pressing an interest in the offering of the Bonds; and WHEREAS, pursuant to such Notice of Sale, the City received, as of 10:00 a.m., Miami, Florida time, on this day at the regular place of meeting of the City Commission of the Issuer, the following conforming bids for the Bonds, which were thereupon opened and read in public: V.®JED CITY COMMISSION MEETING Or NOY 3 1988 88-1041L :SOLUTION No. RESOLUTION NO. Sti_1011%] A RESOLUTION OF THE CITY OF MIAMI, FLORIDA, IMPLEMENTING AND SUPPLEMENTING ORDINANCE NO. 10487 OF THE CITY, WHICH ORDINANCE AUTHORIZED THE SALE AND IS- SUANCE OF THE CITY OF MIAMI $3,900,000 STREET AND HIGHWAY IMPROVEMENT BONDS, $1,500,000 POLICE HEADQUARTERS AND CRIME PREVENTION FACILITIES BONDS, $5,000,000 STORM SEWER IMPROVEMENT BONDS, $5,000,000 SANITARY SEWER SYSTEM BONDS AND $3,000,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS; AWARDING THE SALE THEREOF BASED ON BIDS SUBMITTED AT PUBLIC SALE, AND APPROVING THE TERMS OF SUCH SALE; ESTABLISHING THE INTEREST RATES FOR SUCH BONDS; MAKING CERTAIN FINDINGS, REPRESENTATIONS AND COVENANTS WITH RESPECT THERETO; PROVIDING AN EFFEC- TIVE DATE FOR THIS RESOLUTION; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO. WHEREAS, The City of Miami, Florida (the "City") previously enacted Ordinance No. 10487 on October 6, 1988 (the "Ordinance"), authorizing the issuance and sale in one or more series of its $18,400,000 General Obligation Bonds, consisting of its $3,900,000 Street and Highway Improvement Bonds, its $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, its $5,000,000 Storm Sewer Improvement Bonds, its $5,000,000 Sanitary Sewer System Bonds, and its $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (collectively, the "Bonds"); and WHEREAS, the Notice of Sale with respect to the Bonds, a copy of which is attached hereto as Exhibit "A" and made a part hereof was published in THE BOND BUYER, New York, New York, on October 20, 1988, and in THE MIAMI REVIEW, Miami, Florida, on October 20, 1988, and the Notice of Sale, including the Official Bid Form, were provided by the Issuer or Raymond James & Associates and Howard Gary & Company, the Issuer's financial advisor, to all parties ex- pressing an interest in the offering of the Bonds; and WHEREAS, pursuant to such Notice of Sale, the City received, as of 10:00 a.m., Miami, Florida time, on this day at the regular place of meeting of the City Commission of the Issuer, the following conforming bids for the Bonds, which were thereupon opened and read in public: �aRT ULGlop ED CITY COMMISSION MEETING O" NOV 3 1988 RESO4UTIOD! No. REMARKS: RESOLUTION NO. A RESOLUTION OF THE CITY OF MIAMI, FLORIDA, IMPLEMENTING AND SUPPLEMENTING ORDINANCE NO. 10487 OF THE CITY, WHICH ORDINANCE AUTHORIZED THE SALE AND IS- SUANCE OF THE CITY OF MIAMI $3, 900, 000 STREET AND HIGHWAY IMPROVEMENT BONDS, $1,500,000 POLICE HEADQUARTERS AND CRIME PREVENTION FACILITIES BONDS, $5,000,000 STORM SEWER IMPROVEMENT BONDS, $5,000,000 SANITARY SEWER SYSTEM BONDS AND $3,000,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS; AWARDING THE SALE THEREOF BASED ON BIDS SUBMITTED AT PUBLIC SALE, AND APPROVING THE TERMS OF SUCH SALE; ESTABLISHING THE INTEREST RATES FOR SUCH BONDS; MAKING CERTAIN FINDINGS, REPRESENTATIONS AND COVENANTS WITH RESPECT THERETO; PROVIDING AN EFFEC- TIVE DATE FOR THIS RESOLUTION; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO. WHEREAS, The City of Miami, Florida (the "City") previously enacted Ordinance No. 10487 on October 6, 1988 (the "Ordinance"), authorizing the issuance and sale in one or more series of its $18,400,000 General Obligation Bonds, consisting of its $3,900,000 Street and Highway Improvement Bonds, its $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, its $5,000,000 Storm Sewer Improvement Bonds, its $5,000,000 Sanitary Sewer System Bonds, and its $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (collectively, the "Bonds"); and WHEREAS, the Notice of Sale with respect to the Bonds, a copy of which is attached hereto as Exhibit "A" and made a part hereof was published in THE BOND BUYER, New York, New York, on October 20, 1988, and in THE MIAMI REVIEW, Miami, Florida, on October 20, 1988, and the Notice of Sale, including the Official Bid Form, were provided by the Issuer or Raymond James & Associates and Howard Gary & Company, the Issuer's financial advisor, to all parties ex- pressing an interest in the offering of the Bonds; and WHEREAS, pursuant to such Notice of Sale, the City received, as of 10:00 a.m., Miami, Florida time, on this day at the regular place of meeting of the City Commission of the Issuer, the following conforming bids for the Bonds, which were thereupon opened and read in public: INN E.®OED CITY COMMISSION MEETING Or "Canadian" or "True" Interest Bidder Cost Chase Manhattan Capital Markets 7.42339 Clayton Brown & Associates Inc. 7.3693 Goldman Sachs & Company 7.2594 Marine Midland Capital Markets 7.3797 Merrill Lynch Capital Markets 7.2138 Morgan Stanley & Company 7.3799 Prudential Bache 7.29286 Shearson Lehman Hutton, Inc. 7.252838 Smith Barney Harris 7.261873 Southeast Bank 7.3090 all such bids being attached hereto and made a part of this Resolution as composite Exhibit "B"; and WHEREAS, after due consideration, it appears that the bid of Merrill Lynch Capital*'kets (the "Purchaser") in the amount of $18,400,000, plus a pre- mium of $4,500.00 and accrued interest for the Bonds from November 1, 1988, to the date of their delivery, and naming for said Bonds the interest rates set forth in its bid, is the best bid received in that it sets forth the lowest effective interest cost to the City, such cost being determined in accordance with the "Canadian" or "true" in- terest cost method of calculation by doubling the semiannual interest rate (compounded semiannually) necessary to discount the debt service payments to the date of the Bonds and to the price bid; and WHEREAS, the City finds it desirable to authorize the issuance and sale of such Bonds and to authorize the execution and delivery of such Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA, that: SECTION 1. Authority. This Resolution is adopted pursuant to the Constitution of the State of Florida, in- cluding, but not limited to, Article VII, Section 2 thereof, Chapter 166, Florida Statutes, and the other applicable provisions of law (collectively, the "Act"). SECTION 2. Definitions. All terms used herein in capitalized form, unless otherwise defined herein, shall have the same meaning as ascribed to them in the Ordinance. SECTION 3. Findings and Awards. A. The findings and declarations of the City con- tained in the Ordinance are hereby expressly approved, reaf- firmed and ratified. y- 2 88-1043 B. It is hereby ascertained, determined and de- clared that it is in the best interest of the City to accept the offer of the Purchaser set forth in its bid to purchase $18,400,000 of the Bonds, which Bonds shall be dated November 1, 1988 and shall mature, bear interest and be sub- ject to optional and mandatory redemption, as set forth in the Official Notice of Sale and the Purchaser's bid proposal. The Bonds are hereby awarded and sold to the Purchaser at the price set forth, and with the Bonds to bear interest at the rates described, in the Purchaser's bid, a copy of which is attached hereto. The Director of Finance of the City is hereby authorized to return forthwith the good faith checks of all unsuccessful bidders, and to cash and deposit into a special account, with right of investment with interest accruing to the benefit of the City, the good faith check of the Purchaser. SECTION 4. CUSIP Numbers. CUSIP numbers will be imprinted on the Bonds; how- ever, the validity, sale, delivery or acceptance of the Bonds will not be affected in any manner by any error in printing CUSIP numbers on any of the Bonds. SECTION 5. Terms of Bonds. The Bonds shall have such terms, shall mature and shall be subject to redemption as provided in the Ordinance, and shall bear interest as set forth in the successful bid of the Purchaser. SECTION 6. Application of Bond Proceeds. The proceeds of the Bonds shall be used to pay the costs of is- suance of the Bonds, and all remaining proceeds shall thereafter be deposited by the City in its Capital Projects Fund and used to pay the costs of the capital projects authorized by the Ordinance and the Master Appropriations Ordinance, as such term is defined in the Ordinance. SECTION 7. Recitals. The recitals and findings contained in the preamble to this Resolution are hereby ap- proved, confirmed and adopted by reference thereto and in- corporated herein as if fully set forth in this section. SECTION 8. Authorizations. A. The Mayor or Vice Mayor of the City is hereby authorized to execute such documents as may be necessary to evidence the City's acceptance of the Purchaser's bid. B. The authorizations contained in the Ordinance, including, but not limited to, Section 19 thereof, are hereby reaffirmed, readopted and ratified. SECTION 9. Effective Date. This Resolution shall become effective immediately upon its adoption. 3 88-1043 This Resolution passed in public session of the City Commission this 3rd day of November, 1988. CITY OF WAMI, FLORIDA--'1 (—/ el� Xavier L. uarez Ulph yor ATTEST: tty H rai, v City Clerk (SEAL) APPROVED AS TO FORM AND CORRECTNESS: By. I— O'L-- Jo ge L. rnandez, City Atto ney PREPARED AND APPROVED BY: � A eat Robert F. Clark, — Chief Deputy City Attorney - 273870015reso:113 ■ ! z ■ EXHIBIT A CORRECTED NOTICE OF SALE $ 18,400,000 THE CITY OF MIAMI, FLORIDA General Obligation Bonds Sealed Bids Sealed bids will be received by the Commission (the "City Commission") of The City of Miami, Florida (the "City") at its regular place of meeting in the City Hall, 35W Pan American Drive, Miami, Florida, until 10:60 A.M. Miami time on November 3, 1988, at which time and place all bids will be publicly opened and read, for The City of Miami, Florida General Obligation Bonds, to be issued in the aggregate principal amount of $18.400.000, consisting of $1.500.000 Police Headquarters and Crime Prevention Facilities Bonds. $5,000.000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System Bonds. $3.900,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting. Fire Prevention and Rescue Facilities Bonds. dated November 1. 1988 (hereinafter collectively referred to as the "Bonds"). Bond Details The Bonds are issuable as registered bonds, without coupons, in the denomination of $5,000 or any integral multiple thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent (as hereinafter provided). The Bonds will be dated and bear interest from November 1, 1988, payable semiannually on May I and November 1 in each year, at the rate or rates specified in such proposal as may be accepted, tfie first interest payment being due on May 1, 1989. The Bonds will mature as follows: MATURITY SCHEDULE Police Headquarters and Crime Sanitary Maturity Prevention Storm Sewer Sewer Street Date Facilities Improvement System Highway November 1 Bonds Bonds Bonds Improvement 1990....... 1991....... 1992....... 1993....... 1994....... 1995....... 1996....... 1997....... 1998....... 1999....... 2000....... 2001 ....... 2002....... 2003....... 2004....... 2005....... 2006....... 2007....... 2008 ...... 2009....... 2010....... 2011....... 2012....... 2013....... 40,000 45,000 45,000 50,000 50,000 55,000 60,000 65,000 65,000 70,000 80,000 85,000 90,000 95,000 105,000 110,000 120,000 130,000 140,000 85,000 90,000 95,000 105,000 110,000 115,000 125,000 135,000 145,000 155,000 165,000 175,000 190,000 205,000 220,000 235,000 250,000 270,000 290,000 315,000 340,000 365,000 395,000 425,000 $ -0- 150,000 155,000 165,000 180,000 190,000 205,000 220,000 235,000 250,000 265,000 285,000 310,000 330,000 355,000 380,000 410,000 440,OW 475,000 $ -0- 115,000 125,000 130,000 140,000 150,000 160,000 170,000 180,000 195,000 210,OW 225,000 240,000 255,000 275,000 295,000 320,000 345,000 370,000 Fire Fighting Fire Prevention and Rescue Facilities Bonds -0- 90,000 95,000 100,000 105,000 115,000 120,000 130,000 140,000 150,000 160,000 170,000 185,000 200,000 215,000 230,000 245,000 265,000 285,000 Total Principal Amount 125,000 490,000 515,000 550,000 585,000 625,000 670,000 720,000 765,000 820,000 880,000 940,000 1,015,000 1,085,000 1,170,000 1,250,000 1,345,000 1,450,000 1,560,000 315,000 340,000 365,000 395,000 425,000 • s 8 6 • i �1 Principal of, and premium. if any, on the Bonds will be payable upon presentation and surrender thereof, at the office of Barnett Banks Trust Company. N.A.. the Bond Registrar and Paying Agent, in Jacksonville, Florida. Optional Redemption The Bonds maturing on or after November 1, 1999, are subject to redemption, at the option of the City, on and after November 1, 1998, in whole on any date, or in part in the inverse order of their maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Price Redemption Period (percentage of (dale inclusive) principal amount) November 1, 1998 to October 31, 1999.................... 102% November 1, 1999 to October 31, 2000.................... 101% November 1, 2000 and thereafter ........................ 100% Purpose; Validation The Police Headquarters and Crime Prevention Facilities Bonds were athorized by Ordinance No. 9787, as supplemented and amended, for the purpose of paying the cost of (i) construction of additions to the police headquarters building, (ii) the acquisition and installation of electronic communications and computer equipment, (iii) facilities for training, property unit and other police purposes, and (iv) the acquisition of land and other equipment needed for police purposes. The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9781, as supplemented and amended, for the purpose of paying the cost of the construction of permanent drainage facilities within the City. The Sanitary Sewer System Bonds were authorized by Ordinance No. 9128, as supplemented and amended, for the purpose of paying the cost of improvements and extensions to the City's sanitary sewer system. The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129, as supplemented and amended, for the purpose of paying the cost of street and highway improvements within the City, The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Ordinance No. 9296, as supplemented and amended, for the purpose of paying the cost of fire fighting, fire preventation and rescue facilities, including, but not limited to, fire stations, equipment, vehicles and communication systems. All of the Bonds have been validated by judgments of the Circuit Court of Dade County and no appeal was taken therefrom. Security for and Source of Payment for the Bonds The Bonds will be general obligations of the City for which its full faith, credit and taxing power have been irrevocably pledged, and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead exemptions for owner occupied housing and certain persons who are aged, disabled or otherwise qualified therefor, as required by applicable law). Interest Rates and Bidding Details Each proposal must be in the form of the Official Bid Form and enclosed in a sealed envelope marked "Bid for $18,400,000 City of Miami, Florida General Obligation Bonds." Each bid constitutes a separate bid for each of said series of the Bonds and any premium bid shall be for all of the Bonds and 2 allocated to each series in the proportion to which the amount of such series bears to the total amount of all Bonds. Bidders are requested to name the interest rate or rates in multiples of 'A or'/W of 1%. Each bid must specify the interest rate for the Bonds of each maturity, and all Bonds maturing on the same date must bear interest at the same rate. Each coupon rate of interest specified for bonds of any maturity shall not be less than the coupon rate of interest of bonds of any earlier maturity. Any number of interest rates may be named. but the highest interest rate named may not exceed the lowest interest rate named by more than two percent (2%). No Bond shall bear more than one rate of interest, which rate shall be uniform for the life of the Bond. and no zero or blank rate or split rate will be permitted. No bid for less than all of the Bonds offered or for less than par and accrued interest will be entertained. Premiums may be specified. Bond insurance The successful bidder for the Bonds may, in its discretion and at its sole expense, obtain a policy of municipal bond insurance from a reputable and nationally recognized bond insurer to secure all or a portion of the Bonds, and the City will cooperate with the successful bidder, upon request, to qualify the Bonds for the issuance of such bond insurance. Award of Bonds As between acceptable proposals complying with this Notice of Sale, the Bonds will be sold to the responsible bidder whose proposal offers to purchase all the Bonds at such rate or rates of interest as will produce the lowest effective interest rate to the City. The lowest effective interest rate will be determined in accordance with the "Canadian" or "true" interest cost method of calculation by doubling the semiannual interest rate (compounded semiannually) necessary to discount the debt service payments from the payment dates to the date of the Bonds and to the price bid, not including interest accrued to the date of delivery. The right is reserved to reject all bids or any bid not conforming to this Notice of Sale or not in the form of the Official Bid Form. The right is also reserved to waive, if permitted by law, any irregularity or informality in any proposal. The City agrees to provide to the successful bidder, within a reasonable period after the award of the Bonds, copies of a final Official Statement in quantities sufficient to provide a single copy to any person who shall request the same from the successful bidder. Good Faith Each bid must be accompanied by a certified or bank cashier's or treasurer's check drawn upon an incorporated bank or trust company, in the amount of $184,000, which check, on which no interest will be allowed, must be payable unconditionally to the order of The City of Miami, Florida. Award or rejection of bids will be made on the date above stated for receipt of bids and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be cashed and the proceeds, on which no interest will be allowed, will be held as security for the performance of the bid, and, in the event such successful bidder shall fail to comply with the terms of his bid, the proceeds will be retained by the City. The retention of such check will constitute full liquidated _— damages. If it shall be found impossible to issue and deliver the Bonds, the City will deliver to the — successful bidder a certified or bank cashier's or treasurer's check drawn upon a bank or trust company in the City of Miami, Florida, payable unconditionally to the order of such bidder, in the amount of the =_ check deposited by such bidder with its bid. Upon delivery of the Bonds, the proceeds of the check of the successful bidder will be applied to payment for the Bonds. CUSIP Numbers It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for 88--JL043 Al a failure or refusal by the purchasers thereof to accept delivery of or pay for the Bonds in accordance with the terms of their bid. All expenses in relation to the printing of CUSIP numbers on the Bonds and the CUSIP Service Bureau charge for the assignment of such numbers will be paid by the City. Delivery of Bonds Delivery of the Bonds in definitive form will be made on or about November 17, 1988. in New York. New York, against payment therefor in immediately available Federal Reserve Funds to the order of The City of Miami, Florida. The unqualified approving legal opinion of Holland & Knight, !Miami, Florida. and of McGhee & McGhee, Miami, Florida, will be furnished without cost to the purchasers of the Bonds. The successful bidder shall be required, at or prior to delivery of the Bonds, to furnish to the City such information concerning the initial prices at which a substantial amount of the Bonds of each maturity were sold to the public as the City shall reasonably request. The usual closing documents shall also be furnished. Concurrently with the delivery of the Bonds. the City !Manager and the City Director of Finance or other appropriate officers of the City will furnish their certificate to the effect that, to the best of their knowledge, the Official Statement, as of its date and as of the date of delivery of the Bonds, did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. The successful bidder shall have the right, at its option, to cancel its obligation to purchase the Bonds if the City shall fail to tender the Bonds for delivery within 60 days from the date herein fixed for the receipt of bids, and, in such event, the successful bidder shall be entitled to the return of its deposit mentioned above, with interest. Disclosure Obligations of the Purchaser Section 218.38(1) (b) (1), Florida Statutes, requires that the City file, within 120 days after delivery of the Bonds, an information statement with the Division of Bond Finance of the State of Florida (the "Division") containing the following information: (a) the name and address of the managing underwriter, if any, associated with the issuance of the Bonds; (b) the name and address of any attorney or financial consultant who advised the City with respect to the Bonds; (c) any fee, bonus or gratuity paid by the managing underwriter or financial consultant, in connection with the Bond issue to any person not regularly employed or engaged by such underwriter or consultant; and (d) any other fee paid by the City with respect to the Bonds, including any fee paid to attorneys or financial consultants. The purchaser of the Bonds is required to provide the City, in a timely fashion such that the City may comply with the above referenced statute, a statement signed by an authorized officer containing the information mentioned in (a) and (c) above. Section 218.38(1) (b)2, Florida Statutes, requires that the managing underwriter or the financial consultant, within 90 days after delivery of the Bonds, provide the City with a statement containing the information mentioned in (c) above. Additional Information The Official Bid Form and Notice of Sale and copies of the Preliminary Official Statement relating to the Bonds may be obtained upon request to the undersigned at 3006 Aviation Avenue, Miami, Florida 33131, telephone number (305) 579-6350, or to the Financial Advisor, Raymond James be Associates, Inc., I110 Brickell Avenue, Suite 201, Miami, Florida 33131, and Howard Gary & Company, 3050 Biscayne Boulevard, Suite 603, Miami, Florida 33137, telephone number (305) 381-8829. Carlos E. Garcia, CPA Director of Finance The City of Miami, Florida Dated October 20, 1988. 8S'" 1043 EYHIBTT B OFFICIAL BID FORM Proposal For the Purchase of $ 18,400,000 The City of Miami, Florida General Obligation Bonds November 3. 1988 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami. Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed. headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20. 1988 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,5W.000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000.000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting. Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18.400,000accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ Al7% 0-3� for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Date Principal Interest Maturity Date Principal Interest November 1 Amount Itate Price (fee Cs v� November 1 Amount Rate Price 1990 ... $ 125,000 XVV % / 0.2•-ry3 2002 ... $1,015,000 7-" /#/ r to 1991 ... 490,000 7VO /03.3�27 2003 ... 1,085,000 7VO /0 /Co 1992 ... 515,000 7V O /03. of 2004 ... 1,170,000 7 y0 / 00.7 S 3 1993 ... 550,000 7yo / o y. / k.S 2005 ... 1,250,000 7 fi0 /eo, 0 0 1994 ... 585,000 7. y0 2006 ... _ _111 334_5,.000 7 f�O / o o . e 0 1995 ... 625,000 7, y o / 0 y, y O 2007 ... — 450,000 7 yS / o 0.00 1996 ... 670,000 74r0 /o y .2 r k 2008 ... 1,5W,000 T. !cS / 00. 0 O 1997 ... 720,000 7 Yo / 03. 9 70 2009 ... 315,000 7 ro /ao . 00 1998 ... 765,000 7VV /03. r-r3 2010 ... 340,000 7• s-o / oo. 00 1999 ... 820,000 7 yo / o3. o,2 0 2011 ... 365,000 7..ro /oo. 00 2000 ... 880,000 7 y0 /0Z. a aS 2012 ... 395,000 7• X-0 / 0 0. 0 0 2001 ... 940,000 7.y0 / o A 98/ 2013 ... 425,000 7. fa / 0 0, 00 We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 ss-1043 The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely, affecting the validity, of the Bonds. We hereby, agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity or the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted, Chase Manhattan Capital Markets Corporation, rWASF MANHATTAN CAPITAL MARKETS For the Managers CORPORATION AND ASSOCIATES (SEE LIST ATTACHED) Bidder ByaceG-- 'w u M. Caccopol , Jr., Title Vice President (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is is not made for Bonds carrying com�leteor partial municipal bond 1psurance, with the Insurance premium being paidfor r by the underwriter. The insurer is 4l f" G- The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ 'Y38 ��0. 0 0 The true interest cost for the Bonds, calculated as described in the Notice of Sale, is 7-Yx The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title ss-1 �CR r, OFFICIAL BID FORM Proposal For the Purchase of $ 18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The City of Miami, Florida City Hall 35M Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed. headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20. 1988 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami, Florida General Obligation Bonds consisting of $13M.000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3.000,000 Fire Fighting. Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400,000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $sstf for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for e c series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Maturity Date Principal Interest Date Principal Interest November 1 Amount Rate Price November 1 Amount Rate Price 19W ... $ 125,000 7. '3 c % $toa ° 2002 ... $1,015,000 7 3'7-T 1991 ... 490,000 7. 3 c &• z'' 2003 ... 1,085,000 7 3 7s •7 30 1992 ... 515,000 '7. 3 (p.30 2004 ... 1,170,000 7.3 7S 7• ;is1993 ... 550,000 -7. 3 ' W o b S" 2005 ... 1,250,000 -7. 3'7S 7• 3 `' 3 �' 1994 ... 585,000 7. 3 c' -7. IO° 2006 ... 1,345,000 7. 3.7s 1995 ... 625,000 3L' 2007 ... 1,450,000 7. 37s 1996 ... 670,000 -7• 3v �o ? 2008 ... 1,560,000 -7. 3-75 7 35 1997 ... 720,000 7. 37S 2009 ... 315,000 7. ` u 1998 ... 765,000'7 37t 9" 2010 ... 340,000740 7O 1999 ... 820,000 7. 3 7s OS' 2011 ... 3657 `i `' V_ 2000 ... 880,000 7. 375 7 2012 ... `000 395:000 7 0 1f 0 2001 ... 940,0007. 375 -7/0 2013 ... 425,000 7 40 7.40 We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 88-1043 The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery, of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted. CIAYTON BROWN & ASSOCIATES, INC. ..' WV4 - I �..s � Geri Schroeder, A.V.P. Title (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is rovided for information only and is not a part of this bid: This bid is is not made for Bonds carrying completey or partial municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is kM1-3aC�- The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ ( y; 9 `% // A %b %S ? 309 The true interest cost for the Bonds, calculated as described in the Notice of Sale, is The above mentioned check has been returned and receipt thereof is duly acknowledged. /P'� Bidder By AS "t� ew-ur ` Title 6 OFFICIAL BID FORM Proposal For the Purchase of $ 18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The City, of Miami, Florida City Hall 35M Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed. headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale**), which is hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City. of Miami, Florida General Obligation Bonds consisting of $1,500.000 Police Headquarters and Crime Prevention Facilities Bonds. $5,000,000 Storm Sewer Improvement Bonds. $5,000,000 Sanitary Sewer System Bonds, $3,900.000 Street and Highway Improvement Bonds and $3,0W,000 Fire Fighting. Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds. Eighteen Million Four Hundred Thousand Dollars ($18,400.000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ ///. ;t0 for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturih Date Principal Interest Maturity Date Principal Interest November I Amount Rate Price �/0 November I Amount Rate Price !�A 1r�� 19N ... $ 125,000 /21 k $ 5* 90 2002 ... $1,015,000 ? /2 S ?. /3r 1991 ... 490.000 7 /-ZS _- G. /0 2003 ... TW8 ,0b0}, 20--------- .7. 20 1992 ... 515,000 ;L. /15- . 6.20 2004 ... 1,170,000 _ 7, 2,- 1993 ... 550,000 7t. /2.S . 6.so 2005 ... TINYM 7.30 1994 ... M5,000 7t, /2S S. MD 2006 ... h345:�ii0 }, 3S- -_-- -_ 7. x r 1995 ... 625.000 7t. /23 (,,SO 2007 ... 1,,45D,,UW X 3�.5 ` — -- ;1. 3W 1996 ... 670,000 �,/sS (�,60 2008 ... 1,560,000 �. t S 318 7• Zip 1997 ... 720,000 �. /2 f (�. p 2009 ... 000 �.p ?, yto 1998 ... 765,000 7./ 6,do 2010 ... 340,000 � yp X %Cp 1999 ... 920,000 7, /ss G,90 2011 ... 355,000 fir, yrp 9. K0 2000 ... 880,000 P. /sl r,,9s 2012 ... 395,000 ytp a. Isp 2001 ... 040,000 ?, /2f �, 00 2013 ... 425,000 � 9, ytp We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 S8_1043 ��1 0 OFFICIAL BID FORM Proposal For the Purchase of $ 18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The Cit)- of Miami. Florida City Hall 3500 Pan American Drive Miami. Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000.000 Sanitary Sewer System Bonds, $3,9W,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting, Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400.000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ ///. ;LO for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Maturity Date November 1 Principal Interest Amount Rate Price p Date November 1 Principal Interest Amount Rate 1A Price 1II # 1990 ... $ 125,000 F/2 1 $ 5.90 2002 ... $1,015,000 7/25' ; ;1•I7,r 1991 ... 990,000 /�� _ - _ - G• /0 2003 ... l�$5,000, 20 ;1. zo 1992 ... 51500 ;L. I zs . ea. 2 0 2004 ... 1,170,000 __-- p, as, 1993 ... 550,000 ;t. I ZS . 45.3o 2005 ... T,250,B00 0 � 7.30 1994 ... 585,000 �. /� i. 40 2006 ... ---------7. T;345.000 kr 1995 ... 625,000 �. /2S G.SD 2007 ... . 375 --- — P. a;r 1996 ... 670,000 �.=s G, 40 2008 ... 1,560,000 P. 3 S, 313,000 7. 37.S 1997 ... 720,000 �. iss -p./ C. 70 2009 ... 2010 ;.'p 340,000 7. yo 1998 ... 765,000 G•do ... yp 4. Vo 1999 ... 820,000 �. /2 S G . 90 2011 ... . 365,000 �, elp g. Yo 2000 ... B80,000 2012 ... 7B 000 2001 ... 940,000 9, /2S ;1. 00 2013 ... 425:000 We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 88.-1443 .A. 3.:.� M The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Res tfully Submitted, L��A 4 <<�"' Goldman Sachs do Co. 85 Broad St., NY, NY 10004 Bidder By Title (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is is not Zmade for Bonds carrying complete or partial municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ / 9f D 3 op.. y9/ . ZS The true interest cost for the Bonds, calculated as described in the Notice of Sale, 42"Y%. a The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title 6 rr OFFICIAL BID FORM Proposal For the Purchase of $18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The City, of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3.000,000 Fire Fighting, Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"). to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400.000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $31 fly, y 0for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Maturity Date Principal Interest Date Principal Interest November 1 Amount Rate Price November 1 Amount Rate Price 1990 ... $ 125,000 7, 00 % $ 2002 ... $1,015,000 7• /S 1991 ... 490,000 7. 0 n 2003 ... 1,085,000 7• oLo 1992 ... 515,000 7. C O 2004 ... 1,170,000-7. Xr 1993 ... 5W,000 7. O O 2005 ... 1,250,000 7. 30 1994 ... 585,000 `7- 0 0 2006 ... 1,345,000 -7 - .3 S 1995 ... 625,000 7. 00 2007 ... 1,450,000 7. 40 1996 ... 670,000 ' 7.O 0 2008 ... 1,560,000 7 - 4S 1997 ... 720,000 7.0 0 2009 ... 315,000'7. J O 1998 ... 765,000 -7. o O 2010 ... 340,000-7 - SO 1999 ... 820,0007 0 n 2011 ... 365,000q . 0 O 2000 ... 880,0W 7. 00 2012 ... 395,000 r(. 0 0 2001 ... 940,000 7• / C 2013 ... 425,000 r1- co We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 bib-1043 { The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted, MARINE MIDLAND Chi ITAL r,''A JETS CORP. (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is e�—is not made for Bonds carrying complete partial municipal bond insurance, wi h the Insurance premium being paid for by the underwriter. The insurer is �vlB=14 The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ 1 Cil LY? aI Y55: DO The true interest cost for the Bonds, calculated as described in the Notice of Sale, is Z %. • • • • 7 37 `!7 The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title 6 r P OFFICIAL BID FORM Proposal For the Purchase of $18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"). which is hereby made a part of this proposal, we offer to purchase all of the $18.400.000 The City of Miami, Florida General Obligation Bonds consisting of $1.500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5.000,000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3.000,000 Fire Fighting, Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1. 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds. Eighteen Million Four Hundred Thousand Dollars ($18.400,000), plus ace d interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ le�S— ? 'Tor all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Date Principal Interest Maturity Date Principal Interest November 1 Amount Rate Price November I Amount Rate Price 1990 ... $ 125,000 7.40 % $ /D :. SY 2002 ... $1,015,000 • u 4c, /0 1991 ... 490,000 7. le /0 3. � � ! 2003 ... 1,085000 7, t o 19,92 ... 515,000 F . ?e ! C, S / 0 2004 ... 1,170:000 ? • 21' lee, i- / 1993 ... 550,000 7. le f 0 Y. s ef 6 2005 ... 1,250,000 7. ZO'/sac . j V z 1994 ... 585,000 7. sc /0 y, ve ;a 2006 ... 1,345,000 -', zo /oo 1995 ... 625,000 it. se /oy Y j 2007 ... 1,450,000 7. 15 /e o 1996 ... 670,000 *?, zo /e y. It, 2008 ... 1,560,000 7. 2S" loo 1997 ... 720,000 VL . « ip y, oe 3 2009 ... 315,000 7 i s 1998 ... 765,000 ;r• t - 7 k / e 3, 2010 ... 340,000 ;h.. t S" ytij„y c' 1999 ... 2000 820,000 880,000 tom' /D 3 v g0 2011 ... 365,000 'P. s S' w VV, 6 c' ... 2001 ... 940,000 74 e /c' ?.6/$" /0 y/O 2012 ... 2013 ... 395,000 425,000 �. s5• nv 2 ,,,1, a' , CC We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery- of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted, ell Bidder By Title E l �S (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is -,& is not made for Bonds carrying complete X— or partial municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid. if any, is $ The true interest cost for the Bonds, calculated as described in the Notice of Sale, is; 2/0%. The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title 6 - t 88-1.443 5 OFFICIAL BID FORM Proposal For the Purchase of $18,400,000 The City of Miami, Florida General Obligation Bonds November 3. 1988 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $18.400,000 The City, of Miami, Florida General Obligation Bonds consisting of $1.500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5.000.000 Storm Sewer Improvement Bonds, $5,000.000 Sanitary Sewer System Bonds. $3.900,000 Street and Highway Improvement Bonds and $3.000,000 Fire Fighting. Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively, referred to as the "Bonds"), to be dated November 1. 1988, We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds. Eighteen Million Four Hundred Thousand Dollars ($18.400,000), plus accrued interest. if any, from November 1, 1986 to the date of delivery, and a cash premium of S 1.4 ua - tp for all of the Bonds, which $18.400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above, Such premium, if any. is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Maturity Date Principal Interest Date Principal Interest November 1 Amount Rate Price November 1 Amount Rate Price 1990 ... $ 125.000 7% $ i 0 t. cAq 2002 ... $1.015,000 7• -1-r Cc CC I. 1991 490.000 `1 C/ It. a ic, L, 200.3... 1.085,000 7.46 `/c i e c, c c r 1992 ... 515,000 °% is 1. 3c4 2004 ... 1.170.000 7. is "/c c c c c c 1993 ... 550.000 -7 bL i 2005 ... 1,250,000 -1. 3c rri . S %4 1994 ... 565.000 - /� fi 5 2006 ... 1,345.000 7.3` `% q `, • S c ` 1995 ... 625.000 2007 ... 1.450,000 7. 4 Lc/r % c c , c c c 1996 ... 670,000 7 L/C 16 •� . `+-4 c 2006 ... 1,560,000 . .: 4. a(t 7 1997 ... 720,000 7cl We SS 1 2009 ... 315,000 it- v .)(, a 1998 ... 765,000 7 `/o , v a.4 2010 ... 340.000 S . ` % ' 1999 ... 820,000 70/. c .ass 2011 ... 365.000 b c r. . 1`, 2000 ... 880,000 -)k t c o . o 0 0 2012 ... 395.000 8 % ' c 2001 ... 940,000 "lJo' ., is c c c c 2013 ... 425,000 is,J I c� . ICi We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 R The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted, Morgan Stanley & Co. Incorporated ' der By Title Andrew F. Rowley, r' ncipal (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is V-11 imade for Bonds carrying complete ✓ oral municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is i The true interest cost for the Bonds, calculated as described in the Notice of Sale, is 7.379j%. The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title L 88-1043 r OFFICIAL BID FORM Proposal For the Purchase of $18,400,000 The City of Miami, Florida General Obligation Bonds November 3. 1988 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"). which is hereby made a part of this proposal, we offer to purchase all of the $18.400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds. $5,000,000 Sanitary Sewer System Bonds, $3,900.000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting, Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400,000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $4 f %'S!rJsoi all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any. is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Date Principal Interest Maturity Date Principal Interest November 1 Amount Rate Price November 1 Amount Rate Price 19N ... $ 125,000 17,0& % $ /,04.5' 9 2002 ... $1,015000 ?° / D�• P6 1991 ... 1992... 490,000 515,000 7, 90 7-t0 /P 34 a / i0d W4 2003 ... 2004... 1,085:000 1,170,000 q,� 0. 1 /B0,.3fto 1993 ... 550,000 '�� O /v17.75 2005 ... 1,250,000ie rlJO 3!O mo 3!0 1994 ... 585,000 7A0 tp,4 945 2006 ... 1,345000 1995 ... 625,000 P1.3 0 ;/, V per, 414.5 �O 2007 ... 2008 1,450:000 1,560,000 7,30 7.30 poop i'Vo• ov 1996 ... 670,000 4,.27� ... 1997 ... 720,000 3 �% D lD 3, 9��% 2009 ... 315,000 7,50 0.00 1998 ... 765,000 3 D •3s !0 3,fG 9 2010 ... 2011 340,000 365,000 ry, 3o Q !, ys.I 1999... 2000 820,000 880,000 %-� �o 35(/03,0.4$� 4 rJ ... 2012 395,000 7,3o gp y�,if ... 2001 940,000 %3a �e ... 2013 425,000 T 3 p ... /O/, 9i;1 ... r0o We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 Fib The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted. t1'- -� Bidder By i t Title (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is Z is not made for Bonds carrying complete —M!1-1�or partial municipal bonding ,e, xvith the Insurance premium being paid for by the underwriter. The insurer is The total amount of interest payable on the Bonds Juring the life of the issue under this proposal, without deducting the premium bid, if any, is $ t f. 055) 195. DD The true interest cost for the Bonds, calculated as described in the Notice of Sale, isl-awx The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title 6 OFFICIAL BID FORM Proposal For the Purchase of $18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The City, of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"), which is hereby, made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting, Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400,000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ _ U -- for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall_ bear interest at the rates set forth in the following schedule: Maturity Maturity Dale Principal Interest Date Principal Interest November I Amount Rate Price November 1 Amount Rate Price 1990 ... $ 125,000 7. c7D % $ / Li . 7 q cj 2002 $1,015,000 7 A 5 /o / . / 50 1991 ... 490,000 ao .; l o � . ;L' i ... 2003 ... 1,085,000 7..A s too. 'V 9 1992 ... 515,000 7 > o I (d 3. sib 2004 ... 1,170,000 7 A,; / DO 585,000000 r� �7 2005 ... 1,345,000 -A5 /00 Uo0 1994 ... 7. �o 2007 ... 1,450,000 7 5 UU 1995 ... 625,000 -7av iC .f . q 3(J 2007 ... 1,450,000 7 4c/. 4 Q$ 19% ... 670,000 -r. 51,5 ILI4. 5cl 7 2008 ... 1,560,000 -7 X 919 4f 7 3 1997 ... 720,000 - a- 5 r v 4. 3 3 % 2009 ... 315,OW 7. 3u Cf E 1998 ... 765,000 -7 1, 3 . f'f`f 2010 ... 340,000 7 30 Cr ,. / 9'9- 1999 ... 820,000 -t a 1311 2011 ... 365,000 ,. 30 ry 170 2000 ... 880,000 -7 a 7 c ,,. is / 3 2012 ... 395,000 7 3G' (;'ri. 157 2001 ... 940,000 7 4,5 A) / C1 '�' -7 2013 ... 425,000 7 iv (Fy. IV K We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 88 -IL043 C The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the deliver), of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially, adversely affecting the validity of the Bonds. We hereby, agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City, shall reasonably request. Respectfully Submitted. qk--4eva 1"*'w Atm / . Bidder By 'l Title (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only, and is not a part of this bid: This bid is --V— is not made for Bonds carrying complete or partial municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is Arn SA The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ -- v -- The true interest cost for the Bonds, calculated as described in the Notice of Sale, is 96. 7.95-;?1?3�`7u The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title 6 C f", OFFICIAL BID FORM Proposal For the Purchase of $18,400,000 The City of Miami, Florida General Obligation Bonds November 3, 1988 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,5W,000 Police Headquarters and Crime Prevention Facilities Bonds, $5.000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting, Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400,000), plus accrued interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ for all of the Bonds, which $18.400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Maturity Date Principal Interest Date Principal Interest November I Amount hate Price November I Amount Rate Price 19W ... $ I Z5,000 7 ?-5 % '7. $ irz .'1 .55 2002 ... $1,015,000 -7, Z r ln� . %`•'n -7 a) 1991 ... 490,000 Z S 103. 3 3S 2003 ... 1,085,000 Z1' -7, 1 71- 1992 ... 515,000 7. 2 5 1031 C.Ll; 2004 ... 1,170,000 2- 10n - ;Y 1 1993 ... 5W,000 7. Z S' 1 is o c 2005 ... 1,250,000 -7. 257 100 - .' I 1994 ... 585,000.7 Z S , r • i', ; cn 2006 ... 1,345,000 % 2 5 100 ek" 1995 ... 625,000 7 2 5" ; 0=1, 1 ;mot 2007 ... 1,450,000 -7, Zr 1996 ... 670,000 '7. 25 103. 1411c 2008 ... 1,560,000 1997 ... 720,000 `7. Z S i o ? , r 591 2009 ... 315,000 7 3c.*) i cin. 1998 ... 765,000 7 2 5 / o 3, = (I 2010 ... 340,000 7. 30 c1`:. 463 1999 ... 820,000 7 2 S I c �t., 6 SS 2011 ... 365,000 ;. 10 V1. `-fgll 2000 ... 880,000 7 z 5- /,, /. ! S 7 2012 ... 395,000 7. 3e, 2001 ... 940,000 7 ',ZS ; c) /, Pr Z 2013 ... 425,000 7, 3e) 4 q , y 2-6 We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 s8-1043 The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing, such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. Respectfully Submitted, Smith Barney, Harris Upham & Co., Inc. Bidder By Sue Ann Corrigan - Title 2nd Vice President (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: This bid is is not made for Bonds carrying complete or partial municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ l r / 01 + Z3 S' n0 7f Wit! j? 7 The true interest cost for the Bonds, calculated as described in the Notice of Sale, is %. The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By . Title • 6 OFFICIAL BID FORM Proposal For the Purchase of $ l 8,400,(M The City of Miami, Florida General Obligation Bonds November 3. 1988 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated October 20, )988 (the "Notice of Sale"). which is hereby made a part of this proposal, we offer to purchase all of the $18.400,000 The City of Miami, Florida General Obligation Bonds consisting of $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000.000 Sanitary Sewer System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3.000,000 Fire Fighting. Fire Preven- tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds'*), to be dated November 1, 1988. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400,000), plus acc�ped interest, if any, from November 1, 1988 to the date of delivery, and a cash premium of $ /. ` c l 7j for all of the Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Maturity Date Principal Interest Date Principal Interest November 1 Amount Rate Price November 1 Amount Rate Price 1990 ... $ I Z5,000 7.31; % $ 2002 ... $1,015,000 7. 3� 1991 ... 490,000 2003 ... 1,085,000 -7• 3- 1992 ... 515,000 2004 ... 1,170,000 7. 3v 1993 ... 550,000 7.3i• 2005 ... 1,250,000 -7.3-- 1994 ... 585,000 7• 2006 ... 1,345,000 7- 3� 1995 ... 625,000 7. 2007 ... 1,450,000 7 1996... 670,000 7, 2008... 1,5W,000 -7.9L 1997 ... 720,000 7- 2009 ... 315,000 7, 3 7,r 1998 ... 765,000 7 2010 ... 340,000 -7. 1999 ... 820,000 7. 3` 2011 ... 365,000 7.3) 4, 2000 ... 880,000 7. 3� 2012 ... 395,000 7. 37J 2001 ... 940,000 7- IN. 2013 ... 425,000 7. 3 7 d We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $184,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. 5 L74r j j 4 'a) .d .5 SS-1043 The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened materially adversely affecting the validity of the Bonds. We hereby agree to provide to the City, at or prior to closing. such information regarding the initial prices at which a substantial amount of each maturity of the Bonds were sold to the public as the City shall reasonably request. R ectfully Submitted. Bi er Title VICE PRESIDENT (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) a a The following is provided for information only and is not a part of this bid: This bid is X is not made for Bonds carrying complete X or partial municipal bond insurance, with the Insurance premium being paid for by the underwriter. The insurer is AMAAC TnAPmni jE rn o a inn The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ P9 / 37, /V1. N" The true interest cost for the Bonds, calculated as described in the Notice of Sale, is 7.z'9c%. a . 0 a The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM Honorable Mayor and Members To of the City Commission FROM Cesar H. Odi City Manager RECOMMENDATION: DATE: 0 U i. -r Award of SUBJECT: General Sale. 1968 FILE Competitive Obligation Bond REFERENCEs:Agenda Item for 11/3/88 ENCLOSURES: It is respectfully recommended that the attached Resolution implementing and supplementing Ordinance No. 10847 of the City, authorizing the sale and issuance of its $3,900,000 Street and Highway Improvement Bonds, $1,500,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds; awarding the sale thereof based on bids submitted at public sale, and approving the terms of such sale; establishing the interest rates for such bonds; making certain findings, representations and covenants with respect thereto; providing an effective date for this resolution; and providing certain other details with respect thereto, be approved at 11:45 a.m., at the City Commission meeting of November 3, 1988. BACKGROUND: On October 6, 1988 the City Commission authorized the sale of 1988 General Obligation Bonds totaling $18,400,0009 required to fund the general obligation requirements for on -going projects and those to be initiated within the next twelve-month period. 75